Aptose Biosciences Inc. (NASDAQ: APTO) shares pop Wednesday on the release Tuesday of quarterly results.
Aptose is a clinical-stage company developing highly differentiated agents that target the underlying mechanisms of cancer.
The net loss for the quarter ended December 31, 2020 was $14.7 million ($0.17 per share) compared with $7.7 million ($0.13 per share) for the quarter ended December 31, 2019. The net loss for the year ended December 31, 2020 was $55.2 million ($0.67 per share), compared with $26.3 million ($0.52 per share) for the year ended December 31, 2019.
Total cash and cash equivalents and investments as of December 31, 2020 were $122.4 million. Based on current operations, Aptose expects that cash on hand and available capital provide the Company with sufficient resources to fund all planned Company operations including research and development into the first half of 2023.
"During 2020, Aptose executed on our three clinical trials which are now all well under way: two studies with our cluster selective kinase inhibitor luxeptinib (CG-806) and one with our MYC repressor APTO-253," said CEO William G. Rice.
"Dose escalation continues in each of these trials, and we and our investigators are encouraged by indicators of luxeptinib’s anti-cancer activity and safety profile. With APTO-253, we are observing consistent MYC repression, an indicator of activity that suggests future potential for broad oncology application. We look forward to providing the next complete data update at the 2021 EHA Virtual Congress."
APTO shares heightened $2.90, or 79%, to $6.57.
Related Stories
